Rental prices eclipse cost to buy property

A decline in mortgage costs means that the average three bedroom property costs £608 a month compared with rental costs of £709.

This is a marked change from a couple of years back, when higher mortgage rates meant it was more expensive to buy than rent a property.

Suren Thiru, housing expert at the Halifax, said: ‘Such a marked decline in mortgage costs has improved affordability for those able to enter the market as well as helping to ease the pressure on existing home owners’ disposable income.

’Although the current trade-off between buying and renting is expected to narrow when interest rates start to rise again, the long-term benefits associated with investing in bricks and mortar are likely to ensure that buying will continue to be viewed favourably by many.’